COVID-19 Contract Accounting Considerations

Federal and state governments are quickly responding to the vast number of needs to combat the spread and impact of the COVID-19 pandemic. These needs are resulting in traditionally commercial-based companies stepping in to produce ventilators and personal protective equipment as well as to convert existing facilities such as hotels into hospitals. In some cases, the Defense Production Act is being used to force companies into satisfying the government’s critical needs. Commercial companies that have never worked under a government contract must now prepare to comply with the unique regulations required to do business with the U.S. Government. Our experts understand the unique government contract risks that emerging contractors must address and operationalize in order to be compliant with the FAR and CAS. We stand ready to assist commercial businesses that may be responding to this crisis, including those bidding on their first government contract.